TomProTrader

Tips To Make It As A Successful Trader (3rd time lucky)

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FINALLY GOT THE SIZING RIGHT :D

Hello friends: REPOST DUE TO SIZING ISSUES THIRD TIME!

Whilst trading view can now see I clearly wasn't ever going to have an editing career in mind, I bring you these tips! ahahaha

I hope these tips find you, and find you well.

Regards
Tom


1: DISCIPLINE! This is a massive factor to maintain to have A good Trading future. A successful trader (whatever the strategy) Needs to be able to stick to their chosen strategy 100%! Without deviating from their normal strategy. More importantly, discipline allows a trader to find the perfect trades for them, spending more time looking for better stocks or pairs, to find a trade they know they can utilise better.

2.RISK MANAGEMENT! This is very important,. Every trade you enter you should have a clear cut price you will be OUT of your position, should your position go against you. You need to be able to have a stop loss which you will rely on, a stop loss that gives you clear indication of when your position is wrong. But you need to believe In your stop loss, 100%. This kind of links to having a very strong confidence within your own strategy.

3: EMOTIONS! You need to keep your emotions aside whilst trading. Ego and impulsivity are not good for traders, but you still need to be able to realise you're good at the same time. Humility, over ego. Every time. You need to be able to accept losses, and drawdowns, and keep emotions aside when on a drawdown. A trader who's able to put emotions aside in times of drawdown, are the better traders over time, boasting better long term returns.

4: CONFIDENCE: You need to know you're good at trading, and that you deserve to be successful within it via hard work and study.. Self awareness Is also important, knowing that you worked hard for this to go right, gets you a long way. You also need to be confident within your strategy, with adequate back testing to confirm your strategy has
A clear niche within the markets. If you're not confident in your own work, who's going to be confident for you??
5: CAPITAL TO RISK:

5.You need to have a clear, position size rule that never changes. you need to stick to the same position size rule throughout and not let it change, whether you're doing better, or worse. The same position percentage size must always apply to all trades.
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You left off the most important thing that most traders don't have to begin with. You need a strategy that actually makes money. Without that it doesn't matter how much discipline or capital you have, you'll still lose everything eventually.
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Well. There are no strategy that actually makes money. With discipline and capital you can make money with any strategy.
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riskmode PriceActionTrading
no lol
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True Wisdom is hard to find. Thanks, Tom!
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It helps, Thanks Tom
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Nice 1 - good, basic foundations!
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Thanks Tom, always helpful as a novice :-))
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Thanks,Tom!
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Thank you, Lucy :)
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Thanks Tom!!!
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